Odisha govt launches Youth Innovation Fund Scheme

Odisha Sun Times Bureau
Bhubaneswar, Aug 11:

In order to motivate, facilitate and attract innovative ideas and promote innovative products and services to inculcate creativity and spirit of innovation among the youths for socio-economic growth of Odisha, the state government today launched Odisha Youth Innovation Fund Scheme.

Launching the new scheme at a function held at Jayadev Bhawan here, chief minister Naveen Patnaik said one of the most important aspects of youth entrepreneurship lies in promoting innovation in youth.

“More than anything, our state needs its youth to stand up and showcase their inherent creativity. The Odisha Youth Innovation Fund is an appropriate initiative in encouraging innovation in youth. The Odisha Youth Fund Scheme aims at ensuring evolution and diffusion of grassroots innovations in mission mode to cater to the socio-economic and environmental needs of the society,” he added.

The scheme will be implemented through Odisha Small Industries Corporation (OSIC). To avail support for new ideas, innovations and enterprises coming up with those ideas and innovations, application in prescribed form is to be submitted to Odisha Small Industries Corporation.

The form is available in Regional/District Industries Corporation. Youths between 13 to 35 years of age can apply to avail the benefit under this new scheme. The selected applications will be rewarded with Rs 50,000 for new ideas, Rs 1 lakh for any demonstrative product, prototypes, patents, incubated products or services and Rs 3 lakh for development of any enterprise based on eligible innovative idea/products/services.

MSME & PGPA minister Jogendra Behera, Industries and School & Mass Education minister Debi Prasad Mishra, Tourism and Culture minister Shri Ashok Chandra Panda and other officials of MSME were present on the occasion.